Record Carrier Competition Act of 1981

Record Carrier Competition Act of 1981 - Amends the Communications Act of 1934 to eliminate the current provisions governing consolidations and mergers of telegraph carriers except with respect to certain contracts between domestic and international record carriers. Requires the Federal Communications Commission (FCC) to promote the development of fully competitive domestic and international markets for record communications service. Defines "record communications service" to mean any telecommunications service that is designed or used primarily to transfer information which originates or terminates in written or graphic form. Defines "record carriers" as carriers of such service.

Requires the FCC to reduce its regulation of record carriers as competition develops. Requires the FCC to assure that the costs of record communications services, facilities, and terminal equipment are not borne by users of regulated communications services.

Requires record carriers, upon reasonable request, to provide full interconnection for other record carriers with any record communications service or facility.

Treats a record carrier which provides both domestic and international record communications services as a separate domestic and a separate international record carrier for purposes of interconnection. Requires such a carrier to furnish the same quality interconnection under equal terms to its domestic or international branch as it furnishes to other carriers.

Requires that any agreement between record carriers on furnishing record communications services or facilities establish a nondiscriminatory formula for allocating revenues from such services. Requires such allocation to be based on costs to the extent it is possible to do so.

Directs the FCC to convene a meeting between all existing international record carriers and any record carriers which would be parties to an interconnection agreement. States that the purpose of the meeting is to negotiate such agreement. Requires the FCC to establish an agreement if certain carriers fail to agree. Authorizes a record carrier not subject to the agreement to become a party to the agreement by furnishing written notice to the FCC and the existing parties to the agreement. Terminates the agreement after a specified time. Authorizes the FCC to establish an interconnection agreement after such termination under specified circumstances.

Prohibits enforcement of agreements that impede the development or operation of competitive record communications service market.

Authorizes the FCC to modify or vacate an interconnection agreement if it is inconsistent with developing a competitive market.

Sets forth the authority of the FCC with respect to applications by record carriers for providing international record communications service.

Authorizes all record carriers to provide record communications service domestically and internationally. Requires such carriers that want to provide such service to apply to the FCC. Requires the FCC to act expeditiously on such applications. Authorizes the FCC to consider in connection with such an application the effect on foreign commerce of granting or denying the application.

Extends for one year after enactment the FCC oversight of the distribution formulas for unrouted outbound telegraph traffic and the revenue allocations with respect to such traffic.